HK Fintech Unicorn Airwallex Secures License for Cross Border Payments in MalaysiaSeptember 2, 2021
Airwallex, a cross border payments company, announced that it has secured a money services business (MSB) license issued by Bank Negara Malaysia.
They said, the new license will allow Airwallex to offer modern, streamlined and integrated international payment solutions for Malaysian businesses of all sizes, from SMEs to larger enterprises, to efficiently manage their operations in Malaysia from early next year.
Airwallex said in a statement that businesses in Malaysia will have access to fast, transparent and cost-effective international payments in multiple currencies, enabling them to operate and grow globally.
Through the Airwallex platform, they will have the ability to collect funds from customers across the globe in different currencies, convert and pay out into preferred currencies.
Airwallex has sets its sights on growing its presence in Southeast Asia, with teams in Singapore and Malaysia to support ASEAN businesses.
Globally, Airwallex currently has licenses and is operational in Australia, Hong Kong, the United Kingdom, European Union, and the United States.
Earlier this year, Airwallex announced an additional Series D capital raise of US$100 million which increased its valuation to US$2.6 billion.
Founded in Melbourne and headquartered in Hong Kong, the company has over 900 staff across 12 global offices.
Jack Zhang, CEO and Co-founder of Airwallex said,
“Malaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new license, Airwallex aims to replicate the success that it has achieved from servicing leading companies in other regions with businesses in Malaysia.
Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure.”